Valley National Bancorp (NYSE:VLY) announced a quarterly dividend on Friday, November 20th, Wall Street Journal reports. Stockholders of record on Tuesday, December 15th will be given a dividend of 0.11 per share by the financial services provider on Monday, January 4th. This represents a $0.44 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Monday, December 14th.
Valley National Bancorp has a dividend payout ratio of 47.3% meaning its dividend is sufficiently covered by earnings.
Shares of NYSE VLY opened at $9.20 on Friday. The company’s fifty day moving average price is $7.90 and its 200 day moving average price is $7.67. Valley National Bancorp has a 1 year low of $6.00 and a 1 year high of $11.97.
VLY has been the topic of a number of recent analyst reports. Piper Sandler lowered their price target on shares of Valley National Bancorp from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, September 28th. Wedbush increased their price target on shares of Valley National Bancorp from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Monday, October 26th. Finally, Morgan Stanley lowered their price target on shares of Valley National Bancorp from $9.75 to $9.25 and set an “equal weight” rating on the stock in a report on Tuesday, November 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Valley National Bancorp has a consensus rating of “Hold” and a consensus price target of $9.46.
About Valley National Bancorp
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth management financial services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market accounts, as well as certificates of deposit.
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